Quarterly report pursuant to Section 13 or 15(d)

Sale of India Subsidiary

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Sale of India Subsidiary
9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Sale of India Subsidiary
Sale of India Subsidiary

On April 26, 2018, we sold our India subsidiary, BioServe Biotechnologies (India) Private Limited (“BioServe”) to Reprocell, Inc., for $1.9 million, including $1.6 million in cash at closing and up to an additional $300,000, which was contingent upon the India subsidiary meeting a specified revenue target through August 31, 2018. During the three months ended September 30, 2018, the Company reduced the contingent consideration to $213,000, which is recorded in other current assets in our Consolidated Balance Sheet at September 30, 2018. As a result of this transaction, we recognized a loss of approximately $87,000 and $78,000 on the disposal of BioServe during the three and nine months ended September 30, 2018, respectively, which is included in other income (expense) in our Consolidated Statements of Operations and Other Comprehensive Loss. In November 2018, we received the contingent consideration.